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Stock Sell-Off Extends as China Risk, Fed Fears Swirl

EQUITIES
  • European indices all sit sharply lower ahead of the NY crossover, with the Italian FTSE-MIB, Germany's DAX and France's CAC-40 off over 2% apiece. The banking/financials sector is the worst performer, closely followed by materials and consumer discretionary names. Defensive healthcare, utilities and consumer staples names are faring better, but remain in negative territory.
  • Concerns over a possible default for China's real estate giant Evergrande have filtered in to European and US trade, with the e-mini S&P off over 1% at pixel time. The pullback in the e-mini S&P puts the index below the 50-dma for the first time since July. Continued weakness would open 4339.75, the Aug 19 low. On the upside, a climb above 4478.50, Sep 16 high is required to ease current bearish pressure.
  • Pre-market trade in some of the largest China-exposed companies is also resolutely negative, with the likes of Apple and Tesla both off sharply ahead of the bell.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
USHomepagemarkets-real-timeTopicsEquitiesAT&T Market NewsCEEMEABank of America Market NewsConsumer Discretionary Market NewsConsumer Staples Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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